New Investors Purchase Naples

‘Mythical Being’ Wants Naples

Chinese-American Investor David Liu Eying Prized Gaviota Property

According to the recent story in the Santa Barbara Independent (Feb. 26, 2015), "The long-dormant fight to carve 1,000 acres of breathtaking Gaviota real estate along both sides of Highway 101 into 72 parcels ​— ​a k a the Naples Project ​— ​just woke up. Matt Osgood, whose bankruptcy in 2010 put the development of Santa Barbara Ranch into a state of suspended agitation, is back, hoping to revive his old project with a new ownership structure. Osgood and his brother Mark, a real estate investor, enticed Chinese-American investor David Liu of Arcadia to buy the Naples property for $44.5 million."

According to Gaviota Coast Conservancy board president Phil McKenna, "The Conservancy will continue its opposition to inappropriate residential estate development on the Gaviota Coast. A large tract of over-sized houses is antithetical to our objective of preserving the rural character of the Coast. This has been our position since 1998 and we will continue to actively promote it."